The United States has imposed a highest ever penalty of nearly Four million US dollars on a Chinese subsidiary of an American company for illegally exportinghigh-tech coatings to Pakistan's under-construction Chashma 2 nuclear reactor. The firm, PPG Paints Trading in Shanghai, a wholly-owned subsidiary of an American firm PPG Industries, was fined after pleading guilty to having illegally exported high performancecoatings. It would have to pay 3.75 million dollars as penalty. US Justice Department said that the fines represent one of the largest monetary penalties for export violations. In addition to criminal penalties, the subsidiary firm and its parent company will also have to cough out another 1.7 million dollars in civil fines to US audit.
News On AIR | December 22, 2010 5:42 PM
US imposes penalty of 4 million US dollar on a Chinese subsidiary